Page 121 - TKZN Annual Report 2023/2024

KWAZULU-NATAL TOURISM AUTHORITY
Trading as Tourism KwaZulu-Natal
Annual Financial Statements for the year ended 31 March 2024
Notes to the Annual Financial Statements
2. New standards and interpretations
2.1 Standards and interpretations effective and adopted in the current year
In the current year, the entity has adopted the following standards and interpretations that are effective for the current financial year and that are relevant to its operations:
Figures in Rand
2024 R ‘000
2023 R ‘000
Standard/ Interpretation:
• GRAP 1 (amended): Presentation of Financial Statements (Materiality)
Effective date: Years beginning on or after
01 April 2023
Expected impact:
The impact of the amendment is not material.
2.2 Standards and interpretations issued, but not yet effective
The entity has not applied the following standards and interpretations, which have been published and are mandatory for the entity’s accounting periods beginning on or after 01 April 2024 or later periods:
Standard/ Interpretation:
• Improvements to the Standards of GRAP :2023
• iGRAP 22 Foreign Currency Transactions and Advance Consideration
• GRAP 104 (as revised): Financial Instruments
Effective date: Years beginning on or after
01 April 2025 01 April 2025
01 April 2025
Expected impact:
Unlikely there will be a material impact
Unlikely there will be a material impact Unlikely there will be a material impact
TOURISM KWAZULU-NATAL ANNUAL REPORT 2023/2024 119